Federal Reserve to Require Banks Get Advance Approval of Digital Asset Operations

The U.S. Federal Reserve has introduced a new program to oversee banks' crypto activities, requiring lenders to obtain approval before engaging in digital asset activities. The program, called the novel activities supervision program, will involve the Fed's specialized experts in digital assets working alongside regular supervisors. Banks issuing, holding, or transacting in dollar tokens for payments must prove their ability to do so safely and soundly and obtain formal approval from the Fed.